Day after day we are seeing nearly ever single cryptocurrency falling. Analysis suggests that if this behavior were from the looming bitcoin fork, every other cryptocurrency should be increasing in price. This is not the case.
Whats going on! This is so frustrating. Cryptocurrencies cant be in a bubble. Bubbles are formed by financing and debt collapsing in value from defaults. The only way this can be happening is if a party holds this much volume of almost every cryptocurrency and wishes to exit the market.
Whoever is doing this better hold on to the fiat currency they are buying because cryptocurrency markets are more likely to absorb their selloff and rebound to prices higher than they sold.
I'm more concerned with who is doing all of this selling and how much they hold so we can predict when this ends and get back to crypto business as usual.
Whenever I'm this lost and angry, I find it best to break down and let my emotions do the thinking..... which means it's time to blame China!
My best guess at this point is that bitcoin miners in China have made a diversified portfolio of every cryptocurrency ever over the past couple of years and in response to not getting what they wanted from the bitcoin fork negotiations they are selling everything.
That is completely ridiculous but it's all I can come up with. I consider this post somewhere between analysis, humor, and plain old befuddlement.
On second thought, maybe Nemcoin's weaker correlation to all of this volatility might be the key to understanding who and how. Maybe these imaginary chinese miners that I'm trying not to blame didn't buy as much of a Japan associated coin because they are biased by nationalism.
Good!
It's called Pump and Dump. Right when you Sell, the Pump will start again. It's a Cycle. Too many Traders right now. The Crypto Currency Market needs Hodlers, in the form of Hedge Funds or Long Term Investors. Crypto hasn't attracted enough of that type of Investment. It will go up, but it's going to be a Roller Coaster for a couple more Years.
I agree that pump and dump is what the markets are experiencing. I see it as individuals attempting to profit off of hysteresis in price changes. If the markets are behaving more efficiently rather than following trends blindly they will force anyone doing a pump and dump to lose money.
https://steemit.com/altcoin/@lurkingtrader/crypto-coins
Alts are kinda more stable now :) follow back!
it’s crazy! Just followed! Follow me, too? :)
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